The SBA is providing financial reprieve to entrepreneurs who close small business sales during the COVID-19 pandemic. As part of SBA’s debt relief efforts, the SBA will automatically pay the principal, interest, and fees of new 7(a) and 504 loans that close escrow by September 27, 2020.
Based on our extensive experience, consider the following escrow time-periods needed before escrow can close:
- For business sales involving liquor stores & restaurants with ABC licenses (Liquor/Beer/Wine), due to the ABC license transfer, anticipate 60-70 days for closing escrow.
- For restaurants without an ABC License, anticipate 45 days to close escrow
- For business sales involving gas stations, anticipate at least 70-80 days to close escrow.
- To refinance commercial property and business loans (non-SBA loans), anticipate 60 days to close escrow.
Why Work With Us?
We are the ONLY Bay Area Business Brokerage that can manage your business sale, commercial loan and commercial real estate. We have 16 years of extensive experience getting deals done and financed.
This is a great time to finance via SBA’s 7(a) program:
- Rates are at historical lows
- Loan terms up to 25 years where 51% of the loan is for commercial real estate
- Loan amounts up to $5,000,000
Contact us today to get started on your business sale or business/commercial financing.